Happy Thursday afternoon to everyone on The Street. Here's a snapshot of where markets ended the trading session, plus tomorrow's trade idea delivered to you today.

• 🟥 | US stocks fell sharply today, pushing the Nasdaq Composite into correction territory, as investors got whiplash from Trump’s latest trade policy reversal.

• 📈 | One Notable Gainer: Shares of BJ’s Wholesale Club $BJ ( ▼ 0.51% ) popped to an all-time high after announcing plans to add a couple dozen new locations in the next two years.

• 📉 | One Notable Decliner: Marvell Technology’s $MRVL ( ▼ 4.35% ) stock plummeted, following fellow chipmaker NVIDIA’s $NVDA ( ▼ 1.58% ) trend of pulling back despite an earnings beat. These days, “as expected” just means not good enough.

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MARKET MOVERS

Vistra, Burlington Stores, Venture Global

$VST ( ▼ 0.22% ) Here's Why Vistra Stock Sold Off in February (Hint: It's AI Related) (The Motley Fool)

$BURL ( ▼ 3.23% ) Burlington Stores Buck Tariff Gloom With Soaring Sales And Share Price (Forbes)

$VG ( ▼ 6.57% ) Venture Global shares slump on downbeat annual core profit outlook (Reuters)

$RGTI ( ▼ 3.78% ) Rigetti Earnings Reveal the Risks and Rewards of Quantum Computing (Barron’s)

$MDB ( ▼ 5.62% ) MongoDB plummets as weak outlook overshadows strong quarterly results (CNBC)

OVERHEARD ON THE STREET

CNBC: President Trump paused tariffs on Canadian and Mexican goods under the USMCA until April 2 — about 38% and 50% of imports from the respective nations.

Reuters: Weekly jobless claims fell more than expected last week, but federal employee claims hit a four-year high and planned layoffs rose.

WSJ: Wall Street is facing another growth scare as bank stocks and the Russell 2000 slump on growth concerns, while Treasurys and gold rally.

Barron’s: Treasury Secretary Bessent promised more economic pressure on US adversaries and allies in a speech at the Economic Club of New York.

CNN: Alibaba launched a new AI reasoning model that it claims outperforms rival models from OpenAI and DeepSeek.

TOMORROW’S TRADE IDEA, TODAY

It Is So ONON

On Fire

The growing sentiment on the Street is that it may be an off year for the broader market — but it’s on for $ONON ( ▼ 4.02% ) .

On Holding — not to be confused with ON Semiconductor $ON ( ▼ 6.44% ) — is the Switzerland-based firm behind the popular On Cloud sneakers. And it is also growing in popularity among several of the biggest banks in the US.

The shoemaker reported earnings earlier this week, which outpaced expectations. But its stock is still down nearly 10% YTD. Both UBS $UBS ( ▼ 1.1% ) and Bank of America $BAC ( ▼ 3.08% ) say investors should race to buy the stock now, before its price reflects its true potential.

Beat and (Price Target) Raise

Following On’s impressive earnings, both UBS and BoA assign the stock a price target of $73, implying an upside of some 47% from today’s close.

The latter’s analyst Thierry Cota went so far as to call it a “home run”. (A track and field metaphor might have been more fitting. But we’ll, ahem, run with it.)

Cota specifically lauded On’s “strong brand heat momentum”. The analyst suggested that its product diversification opportunities could drive strong growth in both sales and market share.

In the Running

The footwear industry is heavily saturated, and the competition has recently weighed down On’s rivals like Nike $NKE ( ▼ 3.82% ) .

However, like Cota, UBS’s Jay Sole believes On is in the running to become the tennis shoe top dog. He predicts “industry leading sales growth and earnings beats” in the near future, given the company’s success in maintaining a premium brand image and price point, even amid widespread uncertainty.

Even in a turbulent market — or, perhaps, especially — some companies are bound to lap the others. On’s growth isn’t slow, nor particularly steady. But the Street increasingly seems to think it could still win the race.

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OVERHEARD ON THE STREET

Reuters: The European Central Bank cut interest rates again but raised the possibility of a policy pause in April.

WSJ: President Trump is set to issue an executive order as soon as today to abolish the Education Department.

Bloomberg: The US will resume talks on its proposed minerals deal with Ukraine next week as it seeks a quick ceasefire with Russia.

CNN: The Commerce Department's rule changes may allow Elon Musk's Starlink satellite internet service to access a $42B federal grant program.

Forbes: Is Wall Street the only check on Trump?

THURSDAY’S POLL RESULTS

Do you believe the S&P 500 will close 2025 in the green or in the red?

🟩🟩🟩🟩🟩🟩 🟩 Green

🟨🟨🟨⬜⬜⬜ 🟥 Red

And, in response, you said:

• 🟩 Green — “Trump will back down some tariffs.”

• 🟥 Red — “It seems like this may be a no-go year.”